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Web3, Hegemony And Anonymity: The Transnational Social Identity Dynamics Of Globalized National Political Economic Interdependency

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  • Benedict E. DeDominicis

Abstract

This paper highlights that hegemony has its foundation in the authority of the nation state, manifested clearly in the community value consensually affirmed in the value of fiat currency. State authority permits the potential for the existence of the so-called rule of law, both in its explicit legal forms and in its habitual patterns of behavior on the basis of mutual expectations. State regulation in enforcing property rights is critical for the real functioning of markets the outcomes of which functionally reaffirm state authority. This reaffirmation emerges both by reinforcing its material resources and also by seeking exceptions that exploit state authority while circumventing transparency. The release of the Panama, Paradise and Pandora papers reveal the arena of technically, typically legal financial market transactions. Yet they appear to violate commonly, habitually held normative assumptions in national communities, particularly in socalled developed societies. The reaction of many participants in these lightly regulated and even criminal endeavors is to challenge the legitimacy of the state authority that attempts to impose these obligations. The value of Web3 blockchains includes anonymity as a reactionary resistance to this state authority and hegemony. Cryptocurrencies are dialectical creations of national rule of law in the interstate system.

Suggested Citation

  • Benedict E. DeDominicis, 2022. "Web3, Hegemony And Anonymity: The Transnational Social Identity Dynamics Of Globalized National Political Economic Interdependency," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 16(1), pages 91-119.
    • Handle: RePEc:ibf:gjbres:v:16:y:2022:i:1:p:91-119
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    References listed on IDEAS

    as
    1. Benedict E. DeDominicis, 2021. "Multinational Enterprises And Economic Nationalism: A Strategic Analysis Of Culture," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 15(1), pages 19-66.
    2. Obinger, Herbert & Petersen, Klaus, 2017. "Mass Warfare and the Welfare State – Causal Mechanisms and Effects," British Journal of Political Science, Cambridge University Press, vol. 47(1), pages 203-227, January.
    3. Stuart S. Yeh, 2022. "New Financial Action Task Force Recommendations to Fight Corruption and Money Laundering," Laws, MDPI, vol. 11(1), pages 1-20, January.
    4. Hafner-Burton, Emilie M. & Haggard, Stephan & Lake, David A. & Victor, David G., 2017. "The Behavioral Revolution and International Relations," International Organization, Cambridge University Press, vol. 71(S1), pages 1-31, April.
    5. Benedict E. DeDominicis, 2021. "American Economic Nationalism: Corporatist, Neoliberal And Neocorporatist Political Strategic Responses To Contemporary Global Systemic Crises," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 12(1), pages 1-30.
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    More about this item

    Keywords

    Complex Interdependency; Corruption; Cryptocurrency; Hegemony; Nationalism; Social Identity Theory;
    All these keywords.

    JEL classification:

    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • H00 - Public Economics - - General - - - General
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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